It seems that he and his policies have nothing to do with the current state of things. Sure, presidents are ordinarily held accountable for economic growth, unemployment, national indebtedness (see Obama, above). But not this time. Responsibility, you see, lies with the rich.

Or, as the philosophers of Zuccotti Park call them, the 1 percent. For Obama, these rich are the ones holding back the 99 percent. The “breathtaking greed of a few” is crushing the middle class. If only the rich paid their “fair share,” the middle class would have a chance. Otherwise, government won’t have enough funds to “invest” in education and innovation, the golden path to the sunny uplands of economic growth and opportunity.

Where to begin? A country spending twice as much per capita on education as it did in 1970 with zero effect on test scores is not underinvesting in education. It’s mis-investing. As for federally directed spending on innovation — like Solyndra? Ethanol? The preposterously subsidized, flammable Chevy Volt?

Our current economic distress is attributable to myriad causes: globalization, expensive high-tech medicine, a huge debt burden, a burst housing bubble largely driven by precisely the egalitarian impulse that Obama is promoting (government aggressively pushing “affordable housing” that turned out to be disastrously unaffordable), an aging population straining the social safety net. Yes, growing inequality is a problem throughout the Western world. But Obama’s pretense that it is the root cause of this sick economy is ridiculous.

As is his solution, that old perennial: selective abolition of the Bush tax cuts. As if all that ails us, all that keeps the economy from humming and the middle class from advancing, is a 4.6-point hike in marginal tax rates for the rich.

This, in a country $15 trillion in debt with out-of-control entitlements systematically starving every other national need. This obsession with a sock-it-to-the-rich tax hike that, at most, would have reduced this year’s deficit from $1.30 trillion to $1.22 trillion is the classic reflex of reactionary liberalism — anything to avoid addressing the underlying structural problems, which would require modernizing the totemic programs of the New Deal and Great Society.

As for those structural problems, Obama has spent three years on signature policies that either ignore or aggravate them:

●A massive stimulus, a gigantic payoff to Democratic interest groups (such as teachers, public-sector unions) that will add nearly $1 trillion to the national debt.

●A sweeping federally run reorganization of health care that (a) cost Congress a year, (b) created an entirely new entitlement in a nation hemorrhaging from unsustainable entitlements, (c) introduced new levels of uncertainty into an already stagnant economy.

●High-handed regulation, best exemplified by Obama’s failed cap-and-trade legislation, promptly followed by the Environmental Protection Agency trying to impose the same conventional-energy-killing agenda by administrative means.

Moreover, on the one issue that already enjoys a bipartisan consensus — the need for fundamental reform of a corrosive, corrupted tax code that misdirects capital and promotes unfairness — Obama did nothing, ignoring the recommendations of several bipartisan commissions, including his own.

In Kansas, Obama lamented that millions “are now forced to take their children to food banks.” You have to admire the audacity. That’s the kind of damning observation the opposition brings up when you’ve been in office three years. Yet Obama summoned it to make the case for his reelection!

Why? Because, you see, he bears no responsibility for the current economic distress. It’s the rich. And, like Horatius at the bridge, Obama stands with the American masses against the soulless plutocrats.

This is populism so crude that it channels not Teddy Roosevelt so much as Hugo Chavez. But with high unemployment, economic stagnation and unprecedented deficits, what else can Obama say?

He can’t run on stewardship. He can’t run on policy. His signature initiatives — the stimulus, Obamacare and the failed cap-and-trade — will go unmentioned in his campaign ads. Indeed, they will be the stuff of Republican ads.

At the White House press briefing yesterday, spokesman Jay Carneysaid Obama, “Thinks it’s an opportune time and an opportune location to try to put into broader perspective the kind of debates we’ve been having and the issues that are of vital importance to give middle-class Americans the kind of fair shot that they deserve.” Obama will no doubt echo Roosevelt’s call for a “equality of opportunity” and recycle the speech’s “square deal” rhetoric.

But while there are many parts of Roosevelt’s New Nationalism speech that will sound great to modern ears, there are also many passages that will grate on independent voters:

Combinations in industry are the result of an imperative economic law which cannot be repealed by political legislation. The effort at prohibiting all combination has substantially failed. The way out lies, not in attempting to prevent such combinations, but in completely controlling them in the interest of the public welfare.

…

This, I know, implies a policy of a far more active governmental interference with social and economic conditions in this country than we have yet had, but I think we have got to face the fact that such an increase in governmental control is now necessary.

These words are as radical today as they were 100 years ago. When text of Roosevelt’s New Nationalism reached New York, The New York Times called it “Roosevelt’s Super-Socialism.” Don’t count on that paper using a similar description of Obama’s speech today.

CAMAC Energy Inc. has finished completion operations on the Oyo-8 well, located offshore Nigeria, and is now ready to start oil production. Oyo-8 is hooked up to the Bumi Armada-owned FPSO Armada Perdana. However, CAMAC has been informed by Bumi that the FPSO is not ready to receive oil production from the well due to […]

UK-based offshore drilling contractor Ensco has from oil company BP received a notice of early termination for ENSCO DS-4, a drilling rig operating in the U.S. Gulf of Mexico. The estimated effective date of the contract termination is July 2015 based on the projected completion of the customer’s current well program. Under the terms of […]

Chevron Corporation has confirmed today that George L. Kirkland, vice chairman and executive vice president, Upstream, will retire from the company, effective June 15. He will be succeeded by James W. (Jay) Johnson, as executive vice president, Upstream, effective June 16. “George’s business acumen and deep operational knowledge of our industry have helped c […]

Italian oil and gas company Eni, following its participation in the competitive International Bid Round launched by the Republic of the Union of Myanmar, signed two Production Sharing Contracts (PSC) for offshore blocks MD-02 and MD-04. The contracts were signed in Nay Pyi Taw, in the presence of the country’s Energy Minister. The Joint Venture […]

Azonto Petroleum has said that its board is going through a review of “a range of strategic options for the Company to preserve shareholder value and reduce operating costs.” In a statement issued today, the oil & gas company focused on West Africa, said that it is contemplating a sale of its assets and/or a sale […]

Maersk Oil has informed that production has started from the new unmanned platform Tyra Southeast-B, located in the Danish North Sea. According to Maersk, the platform is expected to add reserves of 50 million barrels of oil equivalent (BOE) over the next 30 years to Danish production. “The Tyra Southeast extension is a great example […]

MacGregor has appointed Høye G. Høyesen (49) as Vice President, Offshore Mooring and Loading Division starting as of April 1, 2015. MacGregor reorganised into seven operative divisions in the beginning of 2015 to improve customer focus. Offshore Mooring and Loading Division drives the development of Systems and Equipment for Offshore Floating Units. Høyesen […]

Wood Group has been awarded a five year, multi-million contract by Total, which includes the option for two, one year extensions. Under the contract Wood Group PSN (WGPSN) will deliver engineering, procurement, construction and commissioning services to four offshore assets and two onshore facilities in the UK continental shelf (UKCS). The contract, effectiv […]

VAALCO Energy, Inc. has announced that the post-salt Kindele-1 well, its first exploration well on Block 5 offshore Angola, was drilled to a total vertical depth of approximately 1,829 meters. VAALCO started drilling Kindele-1 well on March 2, 2015 with Celtic Sea semi-submersible drilling rig. According to the company, the objective reservoir, the Mucanzo […]

MacArtney Group will launch the new NEXUS MK VII multiplexer at the Ocean Business exhibition. Also MacArtney will display other developments, such as the LUXUS wide angle LED, and stand visitors... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

After reorganization into seven operative divisions in the beginning of 2015, MacGregor has appointed Høye G. Høyesen (49) as Vice President, Offshore Mooring and Loading Division starting 1st of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

On behalf of the French Defence Procurement Agency (DGA) in France and UK MOD’s Defence Equipment & Support organisation, OCCAR has awarded the Maritime Mine Counter Measures (MMCM) contract to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

BW Offshore, a provider of floating production services to the oil and gas industry, has received a notice of termination for the FPSO BW Athena contract from Ithaca Energy. Namely, BW Offshore and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Cameron announced that Justin Rounce has assumed the newly created position of Vice President, Marketing and Chief Technology Officer (CTO), effective March 23, 2015. In his new role Rounce is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Subsea 7 has declared their option to extend the contract for the construction vessel (CSV) “Normand Seven” with 1 year from September 2015. This is the first of a total of five yearly... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Mariners are advised that over the Easter weekend (4th-5th April 2015) the vessel Stril Explorer is due to arrive at the Gwynt y Môr windfarm to remove the 3 FLIDAR moorings on the seabed. The 76.4... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Baker Consultants Marine Limited has been appointed by GeoSea to provide underwater noise and marine mammal monitoring and mitigation during the construction phase of the Gode Wind 1 and 2 offshore... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

The ship Chioggia and the Operational Divers Group (GOS) from the Comsubin performed the mine clearing operations in the Mediterranean Sea. The GOS, with a sophisticated equipment on board, plumbed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Lancashire based EDS is marking the completion of a £10 million contract for cable termination work at the world’s second largest operating offshore wind farm, with an exemplary health and safety... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Statoil’s active leases in the Gulf of Mexico

Maps have always helped us gain a better grasp of the world we live in. Based on data from the 2014 USDA's CropScape Program, designer Michael Pecirno created these beautifully detailed maps to show what makes up the American landscape (the lower 48 states) as a whole. Pecirno pulled specific data to show how grasslands, forests, crops, and water cover […]

An armed prisoner who escaped from a Virginia hospital has been captured in Washington after a nine-hour manhunt, police said. The prisoner, accused bank robber Wossen Assaye, 42, apparently freed himself from shackles, seized a gun from a private contract guard and fled the Inova Fairfax Medical Campus in Falls Church, Virginia, at about 3 a.m., authorities […]

A group of female tech workers got together to place a full-page newspaper ad thanking interim Reddit CEO Ellen Pao for taking her lawsuit against former employer and Silicon Valley venture capital powerhouse Kleiner Perkins Caufield & Byers to court, even though she lost. The Palo Alto Daily Post, is a free weekly that gets distributed all across Silico […]

Warner Bros. just released a new full trailer for "Mad Max: Fury Road," and it looks gorgeous, brilliant, and outright insane. The sequel, which will continue the story from the 1979 film, stars Charlize Theron and Tom Hardy. Original director George Miller returns to deliver the latest in the series. Here's the synopsis via Warner Bros.: Haun […]

One of the biggest democratic elections in the world is over. President Goodluck Jonathan has called Muhammadu Buhari to concede in Nigeria's presidential election. Buhari, who briefly served as a military dictator between 1983 and 1985, is once again in charge of the nation of 176 million after a close election threatened by a controversial delay and p […]

When you’re growing as fast as Dropbox — it's achieved a $10 billion valuation in 8 years — you’d think the first thing every new hire gets to hear is a rundown of its crazy growth rate and dollar figures. But that’s not the case at Dropbox. According to Fast Company, one of the first things Dropbox CEO Drew Houston shows his new hires is a slide show o […]

More than 30,000 Arab people call Dearborn, Michigan, home. The Detroit suburb is the kind of place where Arabic speakers can walk into their local grocery and be spoken to in a language they recognize. The markets, businesses, mosques, and Islamic schools surround residents with reminders of the countries they left behind. Student-photographer Salwan George […]

Abuja (AFP) - Nigeria's All Progressives Congress (APC) on Tuesday told AFP that President Goodluck Jonathan had conceded the general election to Muhammadu Buhari."President Jonathan called at 5:15 (1615 GMT)," Buhari's campaign spokesman Shehu Garba said. Asked if Jonathan conceded, he said: "Yes, and General Buhari has accepted and […]

Ivy League admissions decisions for the Class of 2019 drop at 5 p.m. today, and thousands of students will soon learn whether they'll attend one of the elite universities in the fall. While tens of thousands of potential students apply to each Ivy League university every year, only a handful get accepted. Harvard University has the lowest admissions rat […]

Athens (AFP) - A deal on Greece's bailout is possible before the end of April, EU Council President Donald Tusk said Tuesday as Athens continued tough talks with its creditors on a disputed list of reforms.Tusk said the negotiations were "complex", and while nothing was expected before Easter, a late April deadline agreed between Greece and […]

Submitted by David Stockman via Contra Corner blog, If you need evidence that we are in the midst of a lunatic financial mania, just consider this summary from a Marketwatch commentator as to why markets are ripping higher this morning: “The dovish comments from both Fed Chairwoman Janet Yellen and People’s Bank of China Governor Zhou Xiaochuan are giving ma […]

Venezuela, Argentina, and... China? are the 3 best performing stock markets in March in USD terms (with Ukraine close behind). It is the Greeks that have borne the brunt of global derisking through The Ides, Athens Stock Index down over 15% and the worst-performing stock market in the world for March. Year-to-date, Russia joins the 3 amigos at the top of the […]

Someone pull the plug stat!! Turn Those Machines Back Off!!! My how times have changed.... As we noted earlier... One more exchange break should push the S&P back to green http://t.co/1FXQPLqcJJ pic.twitter.com/LEmrnXtCx6 — zerohedge (@zerohedge) March 31, 2015

Submitted by Mike Krieger via Liberty Blitzkrieg blog, Having already proven that their institutions are above the law in the aftermath of the financial crisis, executives at the “Too Big to Fail and Jail” banks have decided it’s time to teach Senate Democrats a lesson. Not being content with trillions in taxpayer backed bailouts to protect and further conso […]

Government corruption has become rampant: Senior SEC employees spent up to 8 hours a day surfing porn sites instead of cracking down on financial crimes Nuclear Regulatory Commission workers watch porn instead of cracking down on unsafe conditions at nuclear plants NSA spies pass around homemade sexual videos and pictures they’ve collected from spying on the […]

Update, and just as expected: IRAN NUCLEAR NEGOTIATORS MAY MISS 3RD DEADLINE: U.S. OFFICIAL In what has been the world's longest negotiation (we are only modestly joking: the Iran P5+1 nuclear "talks" started in 2013 and have yet to achieve anything) one whose "rolling deadline" has been breached time and time again, it appears that […]

The biggest question for investors today is that whether or not rates will rise in 2015. The Fed may raise rates a token amount this year, but the move will be largely symbolic. With over $100 trillion in bonds and over $555 TRILLION in interest rate derivatives trading based on interest rates, the Fed will not be normalizing rates at any point in the futu […]

It is important to keep track of the war on terror and its damages. A big war creates immense antipathy among those subject to its destruction ... Trade suffers; blowback occurs. And for the US, such a war can be economically draining far beyond what is now being reported. This is not really taken into account in the economic analyses purveyed across the air […]

A big mainstream media meme is that when economic conditions worsen, people respond by seeking out Hitler-esque leaders who will express the frustration of the "people" via genocide, incipient warfare and the creation of a police state. Regardless of whether this has been true in the past, we have long predicted that the Internet would change the w […]

Discrimination has become a "dirty word." It has come to carry the "politically incorrect" connotation of prejudice, hatefulness, racism, and cruel intolerance towards others in society. There is only one problem: Which one of us does not discriminate? Indeed, everything we do reflects discriminating choices and decisions. The issue of di […]

Predictably, the death of Lee Kuan Yew has generated many positive comments in the mainstream media about his "leadership" of Singapore. The main thrust of the comments has to do with his ability to run an authoritarian regime that produced a kind of capitalist prosperity. This is an all-too-familiar meme, one often voiced by Western leaders. The i […]

Leaders in high places around the world are making it clear that the drug war is in a sense "over" – and all that is left to do is wind it down. Of course, if you ask the millions who have suffered from the drug war and their families, the "war" is an all-too-literal presence. For them, there is no winding down, or not yet. But Kofi Anan […]